ISLA and PASLA enter into new legal services agreement
02 December 2021 Global
Image: AdobeStock/LuckyStep
The International Securities Lending Association (ISLA) and the Pan Asia Securities Lending Association (PASLA) have announced they will step into a new legal services arrangement for GMSLA documentation.
The new agreement, which will become effective from January 2022, will further collaboration between these associations and the development of the Global Master Securities Lending Agreement (GMSLA) documentation suite.
Under this arrangement, ISLA will adopt all GMSLA annexes that have been developed by PASLA and these will be made available to ISLA members via the ISLA website.
PASLA members will have access to the Legal Services section of the ISLA website.
In turn, members of both associations will have access to future annexes and associated documents that are developed jointly. This collaborative effort will also support development of annexes and addendums required to advance the growth of securities lending activity in the Asia-Pacific region.
In a joint statement, the two associations indicate this is an important move towards the digitisation of industry documentation, enabling member firms to access market-standard templates and to drive standardisation of market practice.
PASLA communication officer Paul Solway says: 鈥淭his agreement is an important step forward in the harmonisation of documentation standards globally and delivers valuable new resources to PASLA members.
鈥淧ASLA and ISLA are among the founder members of the Global Alliance of Securities Lending Associations (GASLA) and our collaboration on legal services reflects our broader commitment to working together for the benefit of all participants in the securities lending market.鈥�
ISLA CEO Andrew Dyson says: 鈥淭he new legal services arrangement with ISLA [is] an important step for ISLA as it recognises that the GMSLA documentation suite is used globally by a myriad of market participants. It also supports ISLA鈥檚 efforts to standardise documents in our market and will benefit members of our respective associations.鈥�
The new agreement, which will become effective from January 2022, will further collaboration between these associations and the development of the Global Master Securities Lending Agreement (GMSLA) documentation suite.
Under this arrangement, ISLA will adopt all GMSLA annexes that have been developed by PASLA and these will be made available to ISLA members via the ISLA website.
PASLA members will have access to the Legal Services section of the ISLA website.
In turn, members of both associations will have access to future annexes and associated documents that are developed jointly. This collaborative effort will also support development of annexes and addendums required to advance the growth of securities lending activity in the Asia-Pacific region.
In a joint statement, the two associations indicate this is an important move towards the digitisation of industry documentation, enabling member firms to access market-standard templates and to drive standardisation of market practice.
PASLA communication officer Paul Solway says: 鈥淭his agreement is an important step forward in the harmonisation of documentation standards globally and delivers valuable new resources to PASLA members.
鈥淧ASLA and ISLA are among the founder members of the Global Alliance of Securities Lending Associations (GASLA) and our collaboration on legal services reflects our broader commitment to working together for the benefit of all participants in the securities lending market.鈥�
ISLA CEO Andrew Dyson says: 鈥淭he new legal services arrangement with ISLA [is] an important step for ISLA as it recognises that the GMSLA documentation suite is used globally by a myriad of market participants. It also supports ISLA鈥檚 efforts to standardise documents in our market and will benefit members of our respective associations.鈥�
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